IEA increases oil demand forecast for 2023
by ChemOrbis Editorial Team - content@chemorbis.com
In a monthly report published on June 15, the International Energy Agency (IEA) revised its oil demand growth forecast up by %2.2, or 2.2 million barrels/day, for 2023 to 101.6 million barrels/day, exceeding the pre-pandemic levels.
According to agency, non-OPEC+ producers will add 1.9 million barrels/day in 2022 and 1.8 million barrels/day in 2023, dominating world supply growth.
“Higher oil prices and a weaker economic outlook continue to temper our oil demand growth expectations. But in 2023, a resurgent China will boost non-OECD demand growth, offsetting a slowdown in the OECD,” the agency said.
According to agency, non-OPEC+ producers will add 1.9 million barrels/day in 2022 and 1.8 million barrels/day in 2023, dominating world supply growth.
“Higher oil prices and a weaker economic outlook continue to temper our oil demand growth expectations. But in 2023, a resurgent China will boost non-OECD demand growth, offsetting a slowdown in the OECD,” the agency said.
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